Questex Officially Completes Financial Restructuring
As expected, new company now owned by group of senior lenders.
A little more than two months after filing for Chapter 11 bankruptcy protection, trade publisher Questex Media Group Holdings said late Thursday that it had officially completed its financial restructuring as well as the sale of the company to a group of its senior lenders.
The new name of the Newton, Massachusetts-based company will be Questex Media Group LLC. It will continue to own and operate the InfoTrends, FierceMarkets, FiveStarAlliance, ImagingNetworks, Oxford Publishing, and McLean Events International Ltd business units, in addition to related Questex magazines, online media and event brands.
Questex will continue to be led by its current management team, the company said. ‚ÄúWe are thrilled to complete the financial restructuring and provide a new future for our businesses,‚ÄĚ president and CEO Kerry Gumas said in the announcement. ‚ÄúWe now have the opportunity to move forward with strong financial footing to continue delivering great products and services for our customers.‚ÄĚ
It was not immediately clear who the company‚Äôs senior lenders are. According to its bankruptcy petition, filed in October, the company‚Äôs largest creditor was Wilmington Trust FSB, for more than $56.5 million in bank debt.
After filing for bankruptcy protection in October, Questex said a group of the company‚Äôs senior lenders were expected to place a bid to acquire ‚Äúsubstantially all‚ÄĚ of the company‚Äôs assets, under a Section 363 sale process. The agreement, Questex said, also would provide ‚Äúsignificant financing,‚ÄĚ including debtor-in-possession and exit financing, which will be used to help finance the company‚Äôs operations.
Questex serves 11 markets including beauty and wellness, entertainment, travel, and hotel and hospitality.